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Nimbus Industries
BSE: 530971|ISIN: INE470M01020|SECTOR: Plantations - Tea & Coffee
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Download Annual Report PDF Format 2011 | 2010
Directors Report Year End : Mar '11    Mar 10
To, The Members, Nimbus Industries Ltd.  Mumbai, Maharashtra
 
 The Directors have pleasure in presenting before you the ANNUAL REPORT
 of the Company together with the Audited Statement of Accounts for the
 year ended 31st March, 2011.
 
 FINANCIAL RESULTS                    2010-2011         2009-2010
 
 Turn Over                        2,078,421,530       689,958,901
 
 Profit (Loss) Before Tax             6,243,169         3,736,642
 
 Provision for Taxation               2,000,000         1,155,000
 
 Profit (Loss) After Tax              4,243,169         2,581,642
 
 OPERATIONAL HIGHLIGHTS
 
 During the year under review, company has posted a turnover of Rs.
 207.84 Cr. as against previous year turnover of Rs. 68.99 Cr.
 registering about 300% growth. Company has made significant efforts in
 creation of market and name for its quality products and prompt
 delivery.  Further to report that Company is taken serious initiatives
 for development of business and make dent in market share through
 excellent marketing strategies. Your directors are therefore, confident
 of coming out with significant growth in the future years.
 
 PUBLIC DEPOSITS
 
 During the year under review the Company did not accept deposits in
 terms of Section 58A of the Companies Act, 1956 and pursuant to the
 provision of the Non-Banking Financial Companies (Reserve Bank)
 Direction 1997.
 
 DIRECTORS
 
 Mr. Sandip Sheth, Director of the company retires by rotation at this
 Annual General Meeting and being eligible, offers himself for
 re-appointment. The brief resume and other details of directors, who
 are to be re-appointed as stipulated under clause 49 (IV) (G) of the
 listing agreement, are furnished in the corporate Governance Report
 forming part of the Annual Report. During the year no changes had taken
 place in the constitution of the Board of Directors of the Company.
 
 AUDITORS
 
 M/s. N. L. Upadhyaya, Chartered Accountants, Mumbai, the Auditors of
 the Company retires at the conclusion of this Annual General Meeting.
 They are eligible for reappointment and indicated their willingness to
 act as an Auditor, if appointed and the appointment shall be in the
 limits prescribed under the provision of the Companies Act, 1956.
 
 PARTICULARS OF EMPLOYEES
 
 There was no employee in the Company whose particulars are required to
 be furnished as per section 217 (2A) of the Companies Act, 1956, read
 with Companies (Particulars of Employees) Rules, 1975 as amended upto
 date.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING/OUTGOING
 
 The operations of the company are not energy-intensive. However
 adequate measures have been taken to reduce energy consumption by using
 energy efficient computers and equipments with the latest technologies.
 Your company constantly evaluates new technologies and invests in them
 to make its infrastructure more energy-efficient.
 
 During the year under review the Company has no foreign exchange
 earnings and outgo.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Your Directors hereby report that:
 
 (a) In the preparation of annual accounts, the applicable accounting
 standards have been followed;
 
 (b) Appropriate accounting policies have been selected and applied
 consistently and judgments and estimates made that are responsible and
 prudent so as to give true and fair view of the state of affairs of the
 Company at the end of the financial year ended 31st March 2011;
 
 (c) Proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act, 1956, for safeguarding the assets of the company and for
 preventing and detecting fraud and other irregularities:
 
 (d) Annual accounts have been prepared on a going concern basis.
 
 CORPORATE GOVERNANCE AND COMPLIANCE
 
 A report on corporate governance along with Management Discussion and
 Analysis is annexed to this report as Annexure. Certificate from
 Statutory Auditors with regards to the compliance of the corporate
 governance, as stipulated in Clause 49 of the Listing Agreement, by the
 company is annexed to this report.
 
 The company has fully complied with all mandatory requirements
 prescribed under Clause 49 of the listing agreement. In addition, the
 company has also implemented some of the non mandatory provisions of
 Clause 49.
 
 ACKNOWLEDGEMENT
 
 The Board of Directors takes this opportunity to thank its Bankers and
 authorities for the Co- operation and support by them from time to time
 in the operation of the company during the year. The Board also places
 on record its deep appreciation for the contribution made by the
 employees at all levels.
 
 Place :Mumbai                                     By order of the Board
 
 Date : 02-08-2011                             For Nimbus Industries Ltd
 
                                                           SD/-
 
                                                      (Nimish Thakore)
 
                                                          Chairman
Source : Dion Global Solutions Limited
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